Indian Rupee Opens Lower By 9 Paise At 68.89 Per Dollar

The Indian rupee opened lower by 9 paise at 68.89 per dollar on Tuesday. Yesterday rupee closed near five-year low at 68.80 per dollar. It ended lower by 33 paise against Friday's close 68.47 .

This is the level last seen on August 28, 2013.Yesterday rupee gained in the first half of the session but came under pressure in the latter half of the session following strength in the dollar against its major crosses and higher global crude oil prices.

Yesterday, crude rallied after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and an emerging slowdown in demand held back markets, said Motilal Oswal.

Libya’s National Oil Corporation declared force majeure on loadings from Zueitina and Hariga ports, resulting in total production losses of 850,000 bpd due to the closure of eastern fields and ports. Today, USD-INR pair is expected to quote in the range of 68.80 and 69.30, it added.

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